Question

Answer the following:

Write important features of the World Bank.

Answer 1

Important features of the World Bank are as follows:

1. Organisation and Structure: The organization of the bank consists of the Board of Governors, the Board of Executive Directors, and the Advisory Committee, the Loan Committee and the President and other staff members. Board of Governors is the supreme policy-making body of the bank. The board consists of one Governor and one Alternate Governor appointed for 5 years by each member country. The Board of Executive Directors consists of 21 members, 6 of them are appointed by the six largest shareholders, namely USA, UK, Germany, France, Japan, and India. The rest 15 members are elected by the remaining countries.
2. Innovation and Entrepreneurship: Innovation and Entrepreneurship help in higher productivity which leads to increased economic growth. It helps in the creation of employment to eradicate poverty. Young and growth-oriented companies contribute to employment growth. They help in enhancing competitiveness and productivity by introducing new products, developing novel business models, and opening new markets. The World Bank brings global experience, knowledge, research, and investments to help client countries develop effective innovation and entrepreneurship ecosystems, such as policies, strategies, regulations, and institutions that foster investments and jobs.
3. Financial Products and Services: World Bank provides low-interest loans, zero to low-interest credits, and grants .to developing countries. It supports in areas such as education, health, public administration, infrastructure, financial and private sector development, agriculture and environmental and natural resource management.
4. Innovative Knowledge Sharing: World Bank sponsors, hosts, or participates in many conferences and forums on issues of development. It also collaborates with partners on many developing issues. It also takes effort to provide access to the best global expertise to the developing countries.
5. Goals: The World Bank Group has set 2 goals to be achieved by 2030.
   (a) End extreme poverty by decreasing the percentage of people living on less than 1.90 dollars a day to no more than 3%.
   (b) Promote shared prosperity by fostering the income growth of the bottom 40% of every country.
6. Social Development: Social Development focuses on the need to ‘put people first’ in the development process. The World Bank’s work on social development brings voices of the poor and vulnerable to development processes. World Bank is also understanding timely social risk analysis, including poverty and social impact analysis.